Econ - Ch. 14: Taxes and Government Spending

What is the main source of federal government revenue?

• individual income tax
• sales tax
• corporate income tax
• Social Security

With-holdings from your paycheck that go into the federal government program that provides health insurance for people 65 and older

• 401k
• Social Security
• Medicare
• Medicaid

Which type of tax comes directly out of your paycheck?

• Property Tax
• Sales Tax
• Income Tax
• Ad Valorem Tax

Bruce makes $100,000 per year.
Steve makes $50,000 per year.
Tony makes $30,000 per year.  
Bruce pays 30% in taxes, Steve pays 20%, and Tony pays 10%.  This tax is

• Proportional
• Progressive
• Regressive
• I have no idea.

Which of the following are deducted directly from your paycheck?

• Federal Income Tax
• Social Security Tax
• Medicare Tax
• All of the above

Income taxes are collected by employers throughout the year from every paycheck.   This is commonly called

• "Pay as you go/earn" taxation
• "Pay to play" taxation
• Taxation without representation
• "Pay now instead of later" taxation

Which programs use tax money?

• military
• education
• welfare
• all of the above

How often do you need to file your taxes?

• Once a month
• Once a year
• Every paycheck
• quarterly

Federal tax that taxes corporations on their profits.

• corporate income tax
• import tax
• sales tax
• estate tax

A tax on goods brought into the United States.

• import tax
• gift tax
• corporate tax
• estate tax